Condensed balance sheets for Culver Company and Pharoah Company on January 1, 2023, are as follows:...

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Condensed balance sheets for Culver Company and Pharoah Company on January 1, 2023, are as follows: Culver Pharoah Current assets $288,000 $136,000 Plant and equipment (net) 720,000 224,000 Total assets $1,008,000 $360,000 Total liabilities $152,000 $56,000 Common stock, $10 par value 560,000 256,000 Other contributed capital 200,000 84,800 Retained earnings (deficit) 96,000 (36,800) Total liabilities and equities $1,008,000 $360,000 On January 1, 2023, the stockholders of Culver and Pharoah agreed to a consolidation. Because FASB requires that one party be recognized as the acquirer and the other as the acquiree, it was agreed that Culver was acquiring Pharoah. Culver agreed to issue 32,000 shares of its $10 par stock to acquire all the net assets of Pharoah at a time when the fair value of Culver's common stock was $15 per share. On the date of consolidation, the fair values of Pharoah's current assets and liabilities were equal to their book values. The fair value of plant and equipment was, however, $234,000. Culver will incur $32,000 of direct acquisition costs and $9,600 in stock issue costs. Prepare the journal entries on the books of Culver to record the acquisition of Pharoah Company's net assets. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit > (To record assets and liabilities acquired) (To record the direct acquisition costs) (To record the stock issue costs) Condensed balance sheets for Culver Company and Pharoah Company on January 1, 2023, are as follows: Culver Pharoah Current assets $288,000 $136,000 Plant and equipment (net) 720,000 224,000 Total assets $1,008,000 $360,000 Total liabilities $152,000 $56,000 Common stock, $10 par value 560,000 256,000 Other contributed capital 200,000 84,800 Retained earnings (deficit) 96,000 (36,800) Total liabilities and equities $1,008,000 $360,000 On January 1, 2023, the stockholders of Culver and Pharoah agreed to a consolidation. Because FASB requires that one party be recognized as the acquirer and the other as the acquiree, it was agreed that Culver was acquiring Pharoah. Culver agreed to issue 32,000 shares of its $10 par stock to acquire all the net assets of Pharoah at a time when the fair value of Culver's common stock was $15 per share. On the date of consolidation, the fair values of Pharoah's current assets and liabilities were equal to their book values. The fair value of plant and equipment was, however, $234,000. Culver will incur $32,000 of direct acquisition costs and $9,600 in stock issue costs. Prepare the journal entries on the books of Culver to record the acquisition of Pharoah Company's net assets. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit > (To record assets and liabilities acquired) (To record the direct acquisition costs) (To record the stock issue costs)